Project on Plaire, Capstone, 023896192.docx

According to bastien the first step is to understand

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According to Bastien, the first step is to understand is the three possible strategies a company can follow in the luxury market. The difference between these three strategies is huge. It does not change much in the eyes of most basic consumers, at least in the short-term. But when one has to manage a brand, the difference is pivotal. In fact, if one decides to implement a fashion or a premium strategy, the classical marketing styles works pretty well. But if one decides to implement a luxury strategy, the person needs to reconsider all the aspects of the marketing management. A. The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity- i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc. B. The fashion strategy is a totally different business model: here, heritage, time, are not important; fashion sells by being fashionable, which is to say, a very perishable value. C. The premium strategy can be summarized as “pay more, get more.” Here the goal is to prove -through comparisons and benchmarking- that this is the best value within its category. Quality/price ratio is the motto. This strategy is, by essence, comparative. The “luxury strategy” has been originally developed for “luxury market”, broadly defined, and it is there that one can find it the most today as well– in fact, it’s the most efficient strategy in this market. It is seldom met on other markets, even though it can be very successful there, as brands like Apple and Nespresso have demonstrated. There are 24 anti-laws (see the full list below); thereafter, I analyze four that require an in-depth treatment. (Vincent bastien, 2015) The problem is so vast that there is no perfect combination of solution. Some companies forget about positioning and pander to the customer’s wishes. Every classic brand has to specify its positioning. So, the way to fix this solution is to make sure that the positioning is branded well. If it’s a luxury brand, it is wise to dominate the customer and make it difficult for customer to buy. Some companies even cut cost by not advertising as when it’s a clothing brand, advertising doesn’t mean selling. The most interesting solution is to communicate with those who are not even a company’s customer and hit the untapped 3
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area. In our country like Bangladesh and many other countries company depends too much on celebrity when it comes to branding. Choosing the celebrity is the matter of solution for many branding issues. Branding approaches by other companies Many solutions are problem-appropriate but in my opinion every problem is unique. There were many solutions or approaches by clothing brand that need attention. To exemplify, H&M, one of the world’s largest fast fashion brands, introduced a €1m ($1.16m) recycling prize in an effort to engage innovators, technologists, scientists and entrepreneurs to find a solution to a growing problem in the clothing industry: waste and pollution. It seems to be a smart move from the company
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